16 December 2022
Result of General Meeting
Derco acquisition receives shareholder approval
Result of General Meeting
Inchcape plc ("Inchcape" or the "Company"), the leading independent multi-brand global automotive distributor, announces that a requisite majority of shareholders of Inchcape has approved the proposed acquisition of Derco (the "Transaction") at a General Meeting held earlier today (the "General Meeting"). The Company's shareholders approved the ordinary resolution in relation to the Transaction.
Timetable to Completion
Following approval by the shareholders of Inchcape earlier today, a further condition to completion of the Transaction is receipt of merger control approval by the Peruvian authorities. A decision is expected in the coming days and an announcement will be made following receipt.
Resolutions
The Transaction was described in a circular to shareholders published by the Company on 28 November 2022 (the "Circular"). The ordinary resolution was set out in the Notice of General Meeting section of the Circular and voted on by way of poll. The results are set out below.
In accordance with UK Listing Rule 9.6.2, the full text of the resolution passed at the General Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Voting results of the General Meeting
| Resolution | Votes For | % For | Votes Against | % Against | Votes Withheld | % Withheld | Total Votes | % Issued Capital |
| 1. To approve the Transaction | 318,021,355 | 100.00% | 14,200 | 0.00% | 31,102 | 0.01% | 318,035,555 | 84.92% |
The number of ordinary shares in issue at the close of business on 14 December 2022 was 374,494,030.
A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' the resolution.
Contacts
Inchcape plc: | | | |
| Raghav Gupta-Chaudhary | Investor queries | +44 (0)7933 395 158 | |
| Finn Lawrence | General queries | +44 (0)20 7546 0022 | |
| | | | |
Media enquiries (Brunswick Group): | | | |
| Kate Holgate / Chris Birt | | +44 (0)20 7404 5959 |
About Inchcape
Inchcape is the leading independent multi-brand global automotive distributor, operating in over 40 markets and territories with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, and is classified within the 'Business Support Services' sector. The Group is headquartered in London and employs around 14,500 people globally.
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